headline: king world news exposee -- Identities of JPM Ag Manipulators

Discussion in 'Silver' started by silvstack, Sep 16, 2011.

  1. silvstack

    silvstack Member

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    silvstack, Sep 16, 2011
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  2. Ag

    Ag Well-Known Member Silver Stacker

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    Ha! JPM hanging there own out to dry!

    It's like when a group of people hit some rough patch for whatever reason, turn on one another pointing fingers. I guess someone has to take the bullet...yet the rest of JPM are squeaky clean?
     
    Ag, Sep 16, 2011
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  3. toto

    toto New Member

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    Look's like we're entering the era of the scapegoat diversion.
     
    toto, Sep 16, 2011
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  4. Paulo

    Paulo Member

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    From

    http://www.blogsilver.com/


    HSBC Dropped From Silver Futures Antitrust Violation Lawsuit
    September 15, 2011 By Jeremy Leave a Comment
    Both HSBC Holdings PLC and JP Morgan Chase and Company have been accused of manipulating silver futures and options prices in violation of U.S. antitrust law. It seems though that HSBC is no longer a part of the case, as HSBC was dropped as a defendant.
    The investors who are involved in the class action case against HSBC and JP Morgan Chase had signed a tolling agreement with HSBC and weren't naming the bank as a defendant. Tolling agreements are often used to stop statutes of limitation from running while the parties discuss settlement or dismissal of a claim.
    The investors who brought to suit against the two banks claim that, starting in March 2008, the banks colluded to suppress silver futures so that call options, or the right to buy, would decline, and put options for the right to sell would increase, according to the complaint filed in federal court in Manhattan. This is a huge anti-trust law violation, and if proven guilty could carry some pretty severe consequences for HSBC and JP Morgan Chase.
    The CFTC (Commodity Futures Trading Commission) started to probe the allegations against the banks regarding the silver futures price manipulation back in 2008.
    Investors seek to represent a class of thousands of people and companies that held or traded silver futures and options on June 26, 2007, or from March 17, 2008, to Oct. 27, 2010.
    It looks though that HSBC is off the hook, so even if they were guilty, nothing will be done now. However, JP Morgan Chase is still on the hook, and looks as though they will continue to be investigated for a while on the matter.
     
    Paulo, Sep 17, 2011
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  5. Paulo

    Paulo Member

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    Paulo, Sep 17, 2011
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  6. SilverMark

    SilverMark Member

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    SilverMark, Sep 17, 2011
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